Atlantic Yards housing sped up

A deal reached between developer Forest City Ratner and New York state, which oversees the development project in downtown Brooklyn, will speed up the construction of the promised affordable-housing units at the site near the Barclays Center.

Developer Forest City Ratner has reached a deal with the state, which oversees the project, that would speed up the construction of affordable housing at Atlantic Yards in downtown Brooklyn. The deal calls for the developer to finish 2,250 affordable apartments by 2025, 10 years ahead of the schedule, according to The New York Times.

Under the deal, the next two buildings to go up near the Barclays Center will be entirely affordable, creating 600 units. If Forest City does not commence construction with the next year, it will have to pay a fine of up to $5 million. Forest City is finalizing a deal this week with Greenland Holding Group, a Chinese company, that will help to speed up construction. Greenland is buying a 70% stake in the Atlantic Yards project for about $200 million and cover the costs for the project. The project has been marred by delays and lawsuits for more than a decade.